The Hindu Business Line : Maples acquiring US co

Maples ESM Technologies, a remote IT Management company, is all set to acquire a US-based company, which is in the applications services (middleware) segment. Talking to presspersons, Mr N. Ram Subramani, Founder, President and Managing Director, Maples ESM, said the company is waiting for the Reserve Bank of India approval and may complete the acquisition soon.

He said the two-year-old company has about 28 people on its rolls and has about three major clients. Mr Subramani was in the city for the opening the second Pune centre on Thursday. He noted that the first centre has about 140 people and with the second centre a total of 500 people would be added. Currently, Mr Subramani said, Maples ESM, which is in about seven locations in the country, has a total headcount of 1,100, it is expected to increase to 5,000 by March 2009. He pointed out that Pune contributed to about 30 per cent to the total revenues of the company.

Performance

The company had closed March 2007 with a revenue of $10 million and is estimating to close the current fiscal with a revenue of $30 million and $75 million by March 2009. The revenues are expected to mainly come in from the US and Japanese markets, he said.

As part of the expansion, Mr Subramani, said the company is also looking at locations in Kolkata and Thiruvanathapuram for opening up centres. A centre in Noida, he said, would be opened up soon. The company has two centres each in Chennai and Pune, one each in Bangalore, Hyderabad and Coimbatore.

Mr Subramani noted that the IMS (infrastructure management services) global market was about $86 billion and India’s contribution was only about $700 million. This is according to the Gartner and Forrester figures, he said.

Asked about the shareholding pattern of the company, Maples ESM, he said it would be funded by the VC Baring Private Equity Partners. Currently, Mr Subrmani, has about 40 per cent stake and added that it was planning to raise the shareholding pattern to 45-45-10 (ESOP).

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